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JPMorgan Chase, the largest bank in the United States, has announced its plans to expand its artificial intelligence (AI) capabilities and develop an AI-powered investment advice service similar to ChatGPT.
Through its plans to integrate AI and machine learning technologies, JPMorgan Chase plans to offer personalized and automated investment services to its 90 million customers. The “chatbot” investment service, dubbed “YourInvestment”, will be powered by the natural language processing-based AI model, ChatGPT, which will be able to effectively listen to users’ inputs and provide them with useful investment advice.
The service will make use of ChatGPT’s conversational ability, which means it can understand and respond to data in spoken form. This includes responses to questions such as “What would you recommend if I wanted to invest in Amazon?” and “What do you think of investing in Tesla?” The AI-powered service will then generate customized investment advice according to each customer’s needs and preferences.
By leveraging the AI model, JPMorgan Chase aims to reduce the time and effort needed for customers to make decisions about investing. This is expected to increase customer satisfaction while allowing the bank to invest customer funds more efficiently.
The bank also plans to further explore other areas such as customer service and loan processing. As the technology becomes more advanced and adapted to different use cases, it is expected that such AI mindset can transform the bank’s traditional processes and its own strategy in the near future.
